Orion iron corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. assume its accounting records provided the following information at the end of the annual accounting period, december 31. transactions units unit cost a. inventory, beginning 200 $ 12 for the year: b. purchase, april 11 950 9 c. purchase, june 1 850 13 d. sale, may 1 (sold for $40 per unit) 200 e. sale, july 3 (sold for $40 per unit) 700 f. operating expenses (excluding income tax expense), $18,500

required:

1. calculate the number and cost of goods available for sale.

2. calculate the number of units in ending inventory.

3. compute the cost of ending inventory and cost of goods sold under (a) fifo, (b) lifo, and (c) weighted average cost.

4. prepare an income statement that shows under the fifo method, lifo method and weighted average method.

5. which inventory costing method minimizes income taxes?

Who is better at multi-tasking? in business, employees are often asked to perform a complex task when their atten-tion is divided (i. e., multi-tasking). human factors (may 2014) published a study designed to determine whether video game players are better than non–video game play-ers at multi-tasking. each in a sample of 60 college stu-dents was classified as a video game player or a non-player. participants entered a street crossing simulator and were asked to cross a busy street at an unsigned intersec-tion. the simulator was designed to have cars traveling at various high rates of speed in both directions. during the crossing, the students also performed a memory task as a distraction. two variables were measured for each student: (1) a street crossing performance score (measured out of 100 points) and (2) a memory task score (measured out of 20 points). the researchers found no differences in either the street crossing performance or memory task score of video game players and non-gamers. “these results,” say the researchers, “suggest that action video game players [and non-gamers] are equally susceptible to the costs of dividing attention in a complex task”

Select the correct answer the smith family adopted a child. the adoption procedure took about three months, and the family incurred various expenses. will the smiths receive and financial benefit for the taxable year? a) they will not receive any financial benefit for adopting the child b) their income tax component will decrease c) they will receive childcare grants d) they will receive a tax credit for the cost borne for adopting the child e) they will receive several tax deductions

Alicia has a collision deductible of $500 and a bodily injury liability coverage limit of $50,000. she hits another driver and injures them severely. the case goes to trial and there is a verdict to compensate the injured person for $40,000 how much does she pay?